Buffett said people don't need to panic about the banking industry, nor should they worry about their savings in U.S. banks.

(Reuters)

[Financial Channel/Comprehensive Report] Buffett said on Wednesday (12th) that despite the recent failures of Silicon Valley Bank and Signature Bank, people should not panic about the banking industry or the safety of U.S. bank deposits.

Buffett also said he would bet $1 million that no U.S. depositor would lose money from a bank failure, and that the loser would donate the money to charity.

The Federal Deposit Insurance Corp insures deposits of at least $250,000 per depositor at each FDIC-insured bank.

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Billionaire Buffett said on CNBC television that recent banking problems are different from those that sparked the 2008 global financial crisis.

He said some banks were mismanaging their assets and liabilities and that bank boards should ensure that when executives made mistakes that harmed shareholders, they faced the consequences.

People don't need to panic about the banking industry, nor should they worry about their deposits in U.S. banks, Buffett said, though those concerns have become muddled lately.

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